上市公司股份回购动机与市场反应.docVIP

PAGE PAGE 26 上市公司股份回购动机与市场反应 摘要：股份回购一项是上市公司为了调整股权结构、减少注册资本等目的从市场中购回一定数目的股份的资本运作活动。其最早起源于西方发达资本市场上，且至今已为国外上市公司熟练广泛应用。然而股份回购在我国的起始时间较晚，但近年来我国证券市场制度不断地规范完善，越来越多的上市公司开始采用股份回购这一方式达到预期目的。因此深入探索研究我国上市公司股份回购的动机以及市场反应对推动股份回购的发展具有深刻的意义。 本文首先通过理论性研究对上市公司股份回购动机进行了阐述，然后选取江南嘉捷作为案例研究对象对其回购前后的市场反应进行分析。在研究中发现回购消息会在公告日产生正向的超常报酬率，带来积极的市场反应。但在公告前也存在着明显的超常报酬率，说明回购信息存在被提前泄露的可能性。此外，由于回购规模的限制，回购活动对公司财务指标带来的影响效果并不明显。 关键词：股份回购；回购动机 ；市场反应；财务效应 Share repurchase Motivation and Market Reaction of Listed Company Abstract: Share repurchase is an activity that listed company buy back a certain number of shares from the capital market for the purpose of adjusting the ownership structure or reducing registered capital .It originated in the western developed capital markets, and has been widely used for foreign listed companies. However, share repurchase started to develope late in our country . In recent years , with the standard system of stock market improved， a growing number of listed companies began to repurchase shares. Therefore, It is significant to the explore the Share Repurchase,s motivation and market reaction of Chinese Listed Companies. This paper expound the share repurchase, motives of listed companies ,and then carries a analysis based on share repurchase cases of Jiangnan Jiajie. The study found that the repurchase will generate positive message of extraordinary return rate at the day of announcement, bringing a positive market reaction. But extraordinary rate of return occurred prior to the day of announcement,which indicating that there is a possibility that the information of repurchase is leaked in advance. In addition, due to the scale of the buyback, the impact on companys financial indicators is not obvious. Keywords: share repurchase；repurchase motive；market reaction；financial effect 一、导论 （一）选题背景及意义 股份回购最早可追溯到上个世纪70年代的美国，当时美国正面临石油危机，尼克松政府采取了一系列的方法以应对石油危机，限制公司发放现金红利就是其中一项措施。这项措施促使上市公司纷纷采用股票回购方式替代现金股利政策，低价回购本公司股份的方式也因此开始盛行。如今股票回购早已成为一种常见的利益分配政策和资本运营方式被许多上市公司所运用着。据资料显示，仅200